审计的内部控制意见：他们会影响投资判断吗？【外文翻译】.pdfVIP

外文翻译 Auditors internal control opinions: do they influence judgments about investments? Material Source:Managerial Auditing Journal Author:Arnold Schneider No prior studies have examined the effects of auditors internal control opinions on individuals investment decisions or intentions to invest. Various studies have investigated issues involving the effects of internal control reports on lenders and securities markets. These bodies of research are discussed next. One study has examined the effects of auditors internal control opinions on lending decisions. In an experiment with loan officers, Schneider and Church (2008) found that lenders assessments of the risk of extending a line of credit and the probability of extending the line of credit are negatively affected when the company receives an adverse internal control opinion as compared to an unqualified one. A growing body of research has been investigating the effects of internal control reports in equity markets. Whisenant et al. (2003)examined the information content of reportable events communicated by auditors in Form 8-K filings, including those identifying internal control weaknesses. While the results revealed that disclosures about financial statement reliability issues have information content (i.e. negative stock price reaction), disclosures of only internal control weaknesses do not. Ashbaugh-Skaife et al. (2007) also found no evidence of adverse market price reactions associated with internal control weakness disclosures. In contrast, de Franco et al. (2005)provided evidence that cumulative size-adjusted abnormal returns decreased during a three-day event window for companies that report internal control deficiencies. Similarly, Che